Dividend Pricing Models and REITs
Loading...
No Access Until
Permanent Link(s)
Collections
Other Titles
Abstract
Dividend pricing/present value models relate current stock prices to expectations of future dividends. In this study we apply the West and Campbell–Shiller tests of the dividend pricing relation to an index of real estate investment trusts (REITs). REITs provide a unique test of these models since, during our study period, REITs were mandated to pay out at least 95% of taxable income as dividends. While our results complement previous research which finds that the dividend pricing model cannot be rejected if share repurchase is included as part of dividends, our data contain a much less significant amount of share repurchase, so that our approach to the issue of the viability of dividend pricing models offers an alternative insight. Our research suggests that, for our REIT population, dividend pricing models cannot be rejected.
Journal / Series
Volume & Issue
Description
Sponsorship
Date Issued
2003-01-01
Publisher
Keywords
real estates; REITs; dividends; prices; pension funds; institutional investors; pricing policies
Location
Effective Date
Expiration Date
Sector
Employer
Union
Union Local
NAICS
Number of Workers
Committee Chair
Committee Co-Chair
Committee Member
Degree Discipline
Degree Name
Degree Level
Related Version
Related DOI
Related To
Related Part
Based on Related Item
Has Other Format(s)
Part of Related Item
Related To
Related Publication(s)
Link(s) to Related Publication(s)
References
Link(s) to Reference(s)
Previously Published As
Government Document
ISBN
ISMN
ISSN
Other Identifiers
Rights
Required Publisher Statement: © Wiley. Final version published as: Kallberg, J. G., Liu, C. H., & Srinivasan, A. (2003). Dividend pricing models and REITs. Real Estate Economics, 31(3), 435-450. Reprinted with permission. All rights reserved.
Rights URI
Types
article